Global slowdown makes barrier-free Brexit essential, says EEF

Based on a survey of 291 manufacturing exporters conducted in March, the report - Global Trade – Run Aground or Structurally Sound - says that many export destinations are already not as open to trade as they were before the financial crisis and that this is impacting on UK export performance.

According to the findings, world trade volumes are more than 20 per cent below pre-crisis trend levels after nearly a decade, and the UK’s average export growth in the post-crisis period is around a quarter of that in the previous 12 years.

The situation is particularly acute in key emerging markets, where protectionist policies implemented in the wake of the financial crisis continue to impact UK trade.

For instance, one in six exporters to China has seen their trade affected by Chinese government intervention to support local businesses, whilst one in five exporters to Brazil have experienced a reduction in trade finance. What’s more, 10 per cent of companies selling to the US experienced an increase in tariffs.